SABMiller rejects AB InBev’s $104 billion bid

Brewer SABMiller on Wednesday said its board had "unanimously rejected" the third takeover offer from rival AB InBev, insisting it "substantially" undervalues the group.AFP | October 07, 2015, 18:52 IST

The commission argued that the brewer, which has about 90% of the beer market in Africa, was carrying out price discrimination.LONDON: Brewer SABMiller on Wednesday said its board had "unanimously rejected" the third takeover offer from rival AB InBev, insisting it "substantially" undervalues the group.

"The board, excluding the directors nominated by (biggest shareholder) Altria Group Inc., has unanimously rejected" the improved 68-billion-pound ($103-billion, 92-billion-euro) offer "as it still very substantially undervalues SABMiller, its unique and unmatched footprint, and its standalone prospects", said a statement.